Oman's Special Economic Zone Authority at Duqm (Sezad) and Maysan Properties have signed a usufruct agreement to establish a business park under the ‘Maysan Square Duqm’ brand in the SEZ, said a report.

The project will be developed in five phases, starting from 2021. The first phase will feature three pavilions. The total cost of development is RO43 million ($111.6 million) and is expected to offer around 500 direct job opportunities, added the Oman Daily Observer report.

The agreement was signed by Yahya bin Said al Jabri, chairman of Sezad, and Sadiq bin Jaffer bin Sulaiman, CEO of Maysan Properties on behalf of the developer.

Maysan Square Duqm will be built over an area of 122,000 sq m, offering 20 buildings that include a commercial complex comprising various shops, restaurants, cafes and offices.

The projects also offer a number of freehold, rental apartments, serviced apartments, business hotel, multi-purpose hall and other leisure and retail facilities, added the report.